Nifty above 10,700; metal, pharma stocks under pressure
15 February 2019
Market at close: Benchmark indices registered strong recovery from the day's low point with Nifty able to close above 10,700 level.
The Sensex was down 67.27 points at 35808.95, while Nifty was down 21.60 points at 10724.40. About 911 shares have advanced, 1581 shares declined, and 136 shares are unchanged.
BPCL, Power Grid, NTPC, GAIL and Bharti Infratel are the top gainers, while JSW Steel, Sun Pharma, Dr Reddy’s Labs, Indiabulls Hsg and Tata Steel are among major loser on the Nifty.
Among the sectoral indices pharma, metal, auto and FMCG witnessed selling pressure, while some buying was seen in energy and infra space.
USFDA completes inspection at Dishman Pharma plant: The USFDA inspection of company's facility at Naroda, Ahmedabad, has been successfully completed on February 15, 2019. The inspection was concluded without any observations or Form 483's, thus confirming that no concerns were discovered during the inspection.
Lupin launches Clobazam Oral Suspension: The company launched Clobazam Oral Suspension, 2.5mg/mL, having received an approval from the United States Food and Drug Administration (USFDA) earlier.
Market Updates: Benchmark indices recovered from day's low with Nifty trading above 10,700 level.
At 14:18 hrs IST, the Sensex is down 121.50 points at 35754.72, while Nifty is down 37.40 points at 10708.60. About 811 shares have advanced, 1507 shares declined, and 125 shares are unchanged.
NTPC, Power Grid, ONGC, L&T Bharti Airtel are the top gainers on the Sensex.
Credit Suisse on Page Industries: The firm expect the downgrade cycle to be over and continue to like company's structural story on market share gains and network expansion. Also, it upgrade to neutral and lift target to Rs 23,300 per share.
Buzzing: Share price of Divis Laboratories declined 6.5 percent intraday Friday after company confirmed about Income Tax raids conducted at company's offices in Telengana & Andhra Pradesh.
Deutsche Bank on ONGC: Research house maintained buy but cut target to Rs 187 from Rs 216 per share. It cut FY19-FY20 earnings estimates by 4%.
Rupee Update: The Indian rupee is trading lower at 71.31 per dollar versus Thursday's close 71.16.
Jet Airways climbs 7%: Shares rallied 7.5 percent in morning on Friday after board approval for bank-led provisional resolution plan.
"The bank led provisional resolution plan proposes restructuring under the provisions of the 'RBI Circular' in order to meet a funding gap of nearly Rs 8,500 crore which is to be met by an appropriate mix of equity infusion, debt restructuring, sale/ sale and lease back/ refinancing of aircraft, among other things," the airline company said in its filing.
Market Update: Benchmark indices are trading lower after a flat start on Friday morning with Nifty slipped below 10,700 level.
The Sensex is down 162.93 points at 35713.29, while Nifty is down 61.80 points at 10684.20. About 746 shares have advanced, 1110 shares declined, and 103 shares are unchanged.
Dr Reddy’s Labs, Sun Pharma, JSW Steel, Tata Motors and Hero Motocorp are the top losers on the Nifty.
Jefferies on Dr Reddy's: Research house retained underperform rating with target at Rs 2,180 per share. Company's formulations manufacturing plant - 3 at Bachupally, Hyderabad had been inspected by the USFDA. It has been issued a Form 483 with 11 observations, out of which four are repeat observations.
The observations are around lack of thorough investigations, written records lacking details, employees not being trained and lack of infra.
The clearance for Bachupally unit by USFDA could take time and believes that observations related to facility structure are negative, it added.
Buzzing: Share price of Kridhan Infra surged more than 8 percent in the early trade on Friday after company bagged an order in Singapore.
Company's Singapore based 100% subsidiary KH Foges Pte. has been awarded a new order in Singapore worth S USD 36 million (Rs 187 crore).
Market Opens: Benchmark indices started on flat note on Friday with Nifty trading below 10,750 mark.
The Sensex is down 32.22 points at 35844.00, while Nifty is down 18.30 points at 10727.70. About 332 shares have advanced, 515 shares declined, and 41 shares are unchanged.
Power Grid, BPCL, L&T, IOC, Axis Bank, ONGC, are among major gainers, while losers are Eveready, JK Tyre, Yes Bank, Nestle, Jet Airways, JSW Steel, UltraTech Cement, Hero Moto, Sun Pharma, HDFC and Vedanta.
Among sectoral indices, except energy and infra all other indices are trading in red.
Rupee Opens: The Indian rupee opened marginally lower at 71.23 per dollar on Friday versus Thursday's close 71.16.
Market at pre-open: Benchmark indices are trading higher in the pre-opening session on Friday with Nifty above 10,750 level.
At 09:01 hrs IST, the Sensex is up 106.93 points or 0.30% at 35983.15, and the Nifty up 30.70 points or 0.29% at 10776.70.
Yes Bank, Zee Entertainment are among major gainers, while JSW Steel is trading lower in pre-opening trade.
Wall Street ends mixed: Wall Street struggled to reverse early losses on Thursday as an unexpected drop in retail sales dampened investor hopes for progress at the ongoing US-China trade talks in Beijing
Asia trades mixed: Asian stocks slipped on Friday after grim US retail sales figures raised fresh doubts about the strength of the US economy, offsetting optimism on trade talks between the United States and China.
SGX Nifty: Trends on SGX Nifty indicate a flat opening for the broader index in India, a gain of 7 points or 0.06 percent. Nifty futures were trading around 10,800-level on the Singaporean Exchange.